Lendlease, on behalf of its Australian Prime Property Fund, is picking up a $150 million industrial portfolio from Mirvac and a Morgan Stanley mandate.
The three assets – two in Melbourne, in Altona (pictured, top) and Altona North, and the other in Sydney’s Campbelltown – spread a total of 15.23 hectares and contain 76,265 square metres of area.
The price would reflect a c4.25 per cent net yield.
By income, the portfolio carries a low Weighted Average Lease Expiry of 4.4 years.
Last week we reported Lendlease secured Medibank to a quarter of a 70,000 sqm office taking shape in Docklands.
In May, the landlord paid an AMP managed mandate (for Swiss Re) $130.1m – reflecting a landmark low 3.62pc yield – for an Eastern Creek warehouse leased to Best & Less.
Last month, ESR Australia became Australia’s third biggest industrial property owner following settlement of a $3.4 billion portfolio – the Milestone Collection – from Blackstone.
More to come.